Everyone needs to have an estate plan, and it goes beyond simply writing up a will. Age, wealth, and status don't matter much because things are constantly changing, so it's good to start working on your estate plan right away. Read on to see five reasons why estate planning is important for everyone.

1. It Can Save You Time and Money

When you die intestate or without a will, the laws of the state in which you live and own property will be used to determine what will happen to your assets. The probate court names a representative, often your spouse, to distribute and give away your assets. If you don't have a spouse or a willing member of your family, a public trustee is employed to do the job. This process takes time.

2. It's More Than Writing a Will

Writing an estate plan goes beyond simply outlining how your estate will be distributed after your demise. It also covers medical directives to be followed when you're unable to outline the care you would like to receive, trusts to facilitate passing on property to your heirs, beneficiary instructions outlining who will receive money from financial accounts, and more.

3. It Can Help You Avoid Hefty Taxes

You can employ the services of an estate lawyer to help you plan your estate so you avoid paying excessive taxes on the property you're passing to your heirs. Some methods include making irrevocable gifts and setting up trust funds, things that estate planning covers adequately.

4. It Takes Care of You

Estate planning can cover durable power of attorney and healthcare proxy, which help ensure your wishes are carried out in case you're incapable of handling them, whether permanently or temporarily.

5. It Protects Your Children

Finally, an estate planned with the help of an estate lawyer will protect your children if you pass away and don't leave behind a spouse. This is because it outlines who should take custody of them, so they won't end up with a legally appointed guardian or conservator.

Don't be a part of the 71.6% of Americans who, according to Advance Capital Management, currently don't have a will that's up to date. Enlist the services of an estate lawyer to make sure that your will is carried out when you're no longer around or able to do what you would like to be done.